I ran into a conundrum recently that I had not experienced before. Our business is a good part “ethics” and also “best practices”, which sometimes change with the times.
I had a buyer client recently who came to me as a referral. The husband and wife (not material to the story) wanted to look at urban condos as they were are planning on settling in the area. I picked out a half dozen nicely-priced, top-end properties in their price range in different areas as they are somewhat familiar with the area, but not intimately so.
During my buyer pre-interview, where I ask questions of the Buyer that will help me understand their motives and goals better, I found out they were looking to retire in 3-6 months and had a property to sell in another state. Not a problem – it’s actually quite common for Florida buyers.
Halfway through our showings, we viewed a unit where the owner was home. Buyers asked the right questions and seller had the right answers. They had a lot in common and we spent about 30 minutes exploring the home – the buyers really liked it. As we were leaving, the buyers casually mentioned they would be retiring in the next 1-2 YEARS and are not looking to buy right now. I cringed immediately, out of surprise and a little embarrassment. 1-2 YEARS? I had been told 3-6 months?!? I could tell the seller was taken aback, as was I.
About an hour later, I received the phone call I was dreading. It was Mr. Seller. His first question, which I had already contemplated, was, “Why did you waste my time with a buyer who isn’t ready to buy?”
After informing him I was as flabbergasted as he was and that the timeframe quoted to him differed greatly from the timeframe I was told, I apologized profusely for taking up his time.
Upon ending our conversation, I mulled over the “ethics” (maybe not the best word for this situation) and “best practices” of showing buyers properties. Normally, realtors show properties to buyers who are ready to buy. But what about nurturing those inquisitive buyers who are making the transition?
Do we flat out tell them we can’t show property unless they are ready to write an offer? Hard to keep clientele that way, as my goal is to meet my clients’ needs.
Do we only show them vacant properties so as not to inconvenience sellers? Hardly a way to accurately see available inventory.
Do we tell the sellers/listing realtors up front that the buyers are not looking to buy immediately but want to see their home? They could only see it as a waste of their time.
Do we not worry about it, as sellers are marketing their home with the expectation of selling to someone? That’s not fair to sellers.
HOW do we nurture buyers who aren’t ready to write quite yet but want to see what’s available in a particular area and see price/value trends in that area?
My conclusion is that there is no correct answer. It’s one of those sticky situations that doesn’t come up often.
Being a realtor is often about making judgment calls, as there are many “gray” areas in our business. Ultimately, we represent our client(s) and should act in their best interest. Maybe that’s the answer…
